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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Raymond Duray who wrote (3509)1/29/2003 1:30:29 AM
From: Gulo  Read Replies (1) of 3536
 
I use an Interactive Brokers universal account for futures trades. The account automatically calculates required margin on a minute-by-minute basis. IB does not give margin calls; it simply liquidates your position. I got kicked out of positions that later moved to what would have been profitable outcomes because of a temporary move against me. Usually, I was just overextended (not enough breathing room within my margin). I was long the Canadian dollar about 50 times in two weeks and lost 50%. Had I been long once and held, I would have more than tripled my money.

An early major mistake I made is almost too embarrassing to relate. I didn't know I needed double the margin for overnight holds. I got kicked out of the position 15 minutes before closing, but because the spread increased near the close, I took a rather irritating loss. I was actually up about 50% in the first week I had the account, then managed to trade my way to oblivion. Oh well. I learned what I could have learned in one of those expert seminars but paid ten times too much for the education.

Now that I learned to be careful around fire, I don't get burned as often. I still don't make much though. I basically stay away from currencies now because I find the Dow to be much more predictable for the leverage.
-g
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